Bitcoin Nears All-Time High as $312M BTC Exit Binance Following US-China Trade Deal
Bitcoin's price has risen 10.4% weekly, currently trading at $103,881, and has increased over 24% in the past month. Despite being 4% below its January all-time high, bullish momentum appears to be building, supported by significant capital movements, including a large outflow from Binance. On May 12, over 3,000 BTC, valued at approximately $312 million, was withdrawn from Binance, marking one of the largest daily outflows recently. This aligns with a new trade agreement between the U.S. and China, which positively impacted U.S. equity markets. Binance's BTC reserves have decreased from about 595,000 BTC in late February to 541,400 BTC by mid-May, indicating a trend towards accumulation as investors prefer cold storage. The withdrawal coincides with improved macroeconomic conditions, suggesting a renewed risk appetite among investors. As traditional markets recover and geopolitical risks diminish, Bitcoin's reduced exchange reserves may set the stage for a potential test of its all-time high. The upcoming weeks will be critical for determining if current inflows lead to a breakout or consolidation.
